INDIVIDUAL COMPANY PROJECT
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INDIVIDUAL COMPANY PROJECT
Coca-Cola Company
Hee Myoung Park
BPS 4305.005 Steve Sauerwald
Part 1 : Executive Summary & Introduction
Executive Summary
Coca-Cola is a company that has been experiencing continuous success up until the start
of last decade. This change can be seen due to many external factors that have affected both the
sales and perception of Coca-Cola’s soft drink industry. As such Coca-Cola has taken measures
to assess the future of the Coca Cola soft drink industry and insure future growth and success.
Details regarding Coca Colas history and basic company information will be shared in the
introduction. Followed briefly by an external analysis that will discuss the general environment
of Coca Cola, as well as a porter’s 5 forces analysis. An internal analysis will provide an in depth
view regarding Coca Colas finances, value chain activities, SWOT, and will help identify coca
cola current and future strategies. This will be followed by a recommendation section that will
provide alternative strategies, as well as potential methods for implementing a sound strategy
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Introduction
The history of Coca-Cola started in 1886 in Atlanta, Georgia. Dr. John S. Pemberton
created the unique syrup, and his partner Frank M. Robinson mixed the syrup with carbonated
water (Bellis, 2014). They named this sparkling beverage “Coca-Cola” (2014). On April 23,
1985, Coca-Cola released “New Coke,” which is a secret formula for Coca-Cola Coke (2014).
Even though no one knows whether this secret formula actually exists, this rumor contributed to
establishing the character of Coca-Cola and motivating consumers to purchase the company’s
products. It is one of the most valuable assets that other competitors could not duplicate.
The Coca-Cola Company mission is “To refresh the world… To inspire moments of
optimism and happiness… To create value and make a difference” ("Mission, vision & values,"
2014). The company wants to inspire people to be happy and see things positively with better
quality beverage brands. Also, the company’s vision includes a “Profit” perspective, which
indicates that the company pursues maximizing return to shareholders. The company’s mission
and vision show that it has built and will create in the future as the largest leading organization.
As the number of consumers who evaluate beverage products based on price and personal
preference is increasing, Coca-Cola has developed various beverage products, such as Diet Coke,
Coca-Cola Zero, Fanta, Sprite, and Powerade, and acquired other companies like Glaceau.
Today, Coca-Cola sells 500 beverage products in more than 200 countries. Nonetheless, the
competition among the companies in carbonated drinks market has intensified, so Coca-Cola
must inspire the consumers and maintain its current market share and brand loyalty. Also, CocaCola is having a hard time because of the concerns about obesity and other health risks that could
be caused by sugary carbonated drinks. Coca-Cola will need to take the issues of health and
diversification into account as it plans for the future.
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Part 2 : External Environment
General Assessment of Environment
There are six environmental factors that intensely affect a firm’s strategy and
performance. The six segments of the general environment are demographic, sociocultural,
political/legal, technological, global, and economic. The socio-cultural, global, and economic
factors are aspects Coca-Cola should consider.
Socio-cultural.
Appealing to consumer concerns regarding health and wellbeing has been a major trend.
Calorie context is the important concern to consumers, and obesity in children is a significant
health problem in the United States. Many health experts and journalists suggest that the
increasing rates of obesity particularly in the younger generation has been intensified
significantly as the consumption of sugar-sweetened beverages has been increased (Coca-Cola
Company, 2013, p. 13). Furthermore, Michelle Obama announced the “Let’s Move!” campaign
which encourages citizens to address the obesity problem in the United States. This campaign
empowers the new health and wellness trend which increases consumers’ worries toward Coke
and other carbonated drinks. Financial analysts reported that Coca-Cola is planning to cut its cost
by $1 billion hence soft drink demand has shrank in the United States (Stanford, 2014). Financial
numbers already start reflecting that Coca-Cola faces socially conscious problems among its
consumers.
To cope with concerns that endanger Coca-Cola’s reputation, the company developed and
acquired products such as Vitamin Water, Simply Orange, Honest Tea, and other healthy
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beverages. Nonetheless, the sales of Coca-Cola Coke, which is the main product line of CocaCola, have been affected negatively because of the health issues.
Being aware of the social changes surrounding company’s product is a crucial assignment
because of the change in consumer perceptions about Coca-Cola. The company should find a
way that maintains minimum health standards of Coca-Cola Coke to keep customer loyalty and
prevent harmful effect and failing sales of Coke.
Global. As transportation and technology have developed, the people in other countries
are sharing similar cultures and trends. This means the worldwide market has been integrated
into one large market.
Large or medium sized companies entering developing markets with comparatively low
costs is a core strategy to increase revenue and approach potential customers. Coca-Cola started
investing in global expansion from 1920s and 30s which was a faster move than many other
companies. The company established bottling plants in France, Mexico, Peru and many other
countries (The Coca-Cola Company, 2014). In the 1970s, small bottlers started consolidating;
Coca-Cola expected to build a larger and well-structured system (2014). In addition, the
company formed exclusive partnerships with foreign bottlers which has become stronger and
helped the company to adapt to different cultures and customers’ preference efficiently.
Currently, net operating revenues from operations outside the United States is $27 billion,
and the overall net operating revenues is $46,854 million (Coca-Cola Company, 2013, p. 133).
About 60 percent of its operating revenues are from outside the U.S. The consumer base of
Coca-Cola is spread over large international market which has various political, language, and
economic differences. It is crucial to the company to be conscious of differences for each
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markets. Consequently, the strategies of the company will be customized by each countries’
characteristics.
Economic. As Coca-Cola Company has stretched out to the global market, the risk of
market uncertainty that the company has to consider is increased. Especially, the exchange rate
of foreign currencies fluctuates. Slight currency appreciation or depreciation will have a direct
influence on the value of monetary assets and liability and revenues of Coca-Cola in U.S. dollars.
Porter’s 5 Forces Analysis
The Five Forces model by Michael E. Porter considers the external factors that affect a
firm’s performance and profitability. The Five Forces are the threat of new entrants, the
bargaining power of buyers, the bargaining power of suppliers, the threat of substitute products
and services, and the intensity of rivalry among competitors in an industry.
The threat of new entrants or potential competitors. The threat of new entrants or
potential competitors of Coca-Cola is low-medium. The threat of new entrants depends on
existing barriers to entry that discourage new competitors from entering a market. Entry barriers
are high for the soft drink industry. Coca Cola has built global brand recognition and customer
loyalty which make entry barriers higher. Also, the capital requirements within this industry are
high because new entrants have to be recognized in many different areas, like production,
distribution and advertising areas, to compete with the existing firms. Moreover, if entrants enter
the industry on a small scale, there will be failed economies of scale. The existing industry
leaders have dominated main distribution channels; therefore, the new entrants will face low
access to distribution channels. Thus, even though consumers have no switching cost in the soft
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drink industry, existing barriers to entry are relatively high making the threat of new entrants to
low-medium.
The bargaining power of buyers. The bargaining power of buyers is low. In the United
States, the average consumption of soft drink beverages is about 44.7 gallons a year (Zmuda,
2011). For the most part, because the average soft drink costs less than $2 which is relatively
low-priced, the power of each individual purchaser is insignificant. Meanwhile, the order
quantity of larger retailers, like Walmart or Target, is large relative to sales. This bargaining
power of larger retailers could be weakened since larger retailers also can take advantage of
Coca-Cola’s brand loyalty.
The bargaining power of suppliers. Soft drink ingredients usually contain caffeine,
low-calorie sweeteners and carbonated water. The company can find alternative suppliers of
basic ingredients with low switching cost because the suppliers are not differentiated. Coca-Cola
owns Coca-Cola Enterprises (CCE) which is one of the largest Coca-Cola bottlers in the world
(Coca-Cola Enterprises, 2013). CCE handles approximately 8% of the Coca-Cola system's global
volume (2013). Other bottler suppliers in the United States and overseas are required to enter in
an exclusive contract with Coca-Cola. This contract includes a strict code of business conduct
and supplier requirements. Consequently, the suppliers of Coca Cola hold less bargaining power.
The threat of substitute products and services. Substitutes of Coca-Cola Coke are
coffee, energy drinks, sports drinks, and bottled water. Due to health consciousness, the sales of
bottled water and energy drinks are growing steadily unlike soft drink. Bottled water sales has
grown more than 20 percent since 1993 (Strom, 2013). By the end of this decade, sales of bottled
water are expected to exceed those of carbonated soft drinks (2013). In addition, the consumers
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who want to continue consuming drinks containing caffeine, but do not want high-sugar drinks
may purchase coffee or energy drinks instead of soft drinks. So, the threat of substitute products
is medium to high pressure.
The intensity of rivalry among competitors in an industry. The leading companies
who have dominant market share in the soft drink market is Coca-Cola, Pepsi, and Dr Pepper.
Coca-Cola previously occupied about 42 percent of the soft drink market until 2010 (Esterl,
2011). Pepsi owned 29.3 percent of the market (2011). In 2013, Pepsi occupied 31 percent of the
market, but Coca-Cola failed to increase its market share (Bhasin, 2013). On the other hand,
hence Pepsi succeeded entering the food industry, Pepsi achieved much higher annual revenues
than Coca-Cola. PepsiCo, Inc. reported $66 billion of revenues (Pepsico, inc., 2014a). Coca-Cola
reported $46 billion of revenues on December 28, 2013 (Coca-Cola Company, 2013, p. 46). Also
the stock price of Pepsi, which is $84 per share, is twice more expensive than Coca-Cola’s
(PepsiCo Inc., 2014b). Even though Coca-Cola has higher sales than Pepsi in the global market,
the fact that Pepsi has started to dominate North America negatively affects Coca-Cola’s ability
to sustain brand loyalty and market share.
Furthermore, since the consumer demand for carbonated drinks has reduced, the size of
the soft drink market has shrank causing more competition among existing companies. Major
companies are acquiring non-carbonated drinks companies in order to develop wider brands.
Also they are increasing the budget for marketing to improve brand power. Competitors always
pay attention to other companies’ new strategies so that they do not get left behind in the market.
The company also cannot ignore the growth of Dr Pepper Snapple Group, Inc. This
company has grown continuously since 2008 by releasing new product lines, such as Diet Dr
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Pepper and Dr Pepper TEN (Carnevale, 2013). Also Dr Pepper Snapple Group has many other
healthy drinks like Mott’s, Snapple, and Déjà Blue (2013).
Coca-Cola should consider the local competitors in the global market. In international
market, there are various, inexpensive local soft drink brands like RC Cola in Israel and Chilsung
Cider in South Korea. The company must develop unique competitive product and strategy to
survive in the global market.
Part 3 : Internal Analysis
Financial Analysis
Comparing financial ratios, such as current ratio, return on asset, price-earnings ratio, and debtto-equity ratio, is a good way to analyze current performances of Coca-Cola and its competitors.
Table 1 Financial Ratio Analysis
Current Ratio
Return on Asset
Price-Earnings Ratio
Debt-to-Equity
Ratios
Coca Cola
1.3
9.74
20.1
1.12
Pepsi
1.2
8.89
19.1
1.21
Dr Pepper
1.1
6.7
17.6
1.13
Industry average
1.2
9.7
20.0
0.90
Note. The data are adapted from Mergent Online
The current ratio for Coca-Cola, which is a measure of the liquidity of a company, is
similar to the industry average and other competitors. Current ratio for successful companies are
frequently less than 1; therefore, all three companies’ ratios are moderate. The formula for return
on asset (ROA) is net income divided by total assets. It indicates how efficient the usage of the
company’s assets is for generating net income. The ROA of Coca-Cola is slightly bigger than
industry average, Pepsi, and Dr Pepper. Currently, Coca-Cola has the highest net income and
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achieves high efficiency in using its assets. Price-earnings (PE) ratio measures growth potential
by comparing the market value of shares and a company’s net income. PE ratios for each
company are similar. According to these numbers, investors might be expecting reasonable
earnings growth. Debt-to-equity ratio reflects the proportion of financial sources for the
company. This ratio is calculated by dividing total liabilities by total stockholders’ equity. If the
amounts of borrowing and equity are the same, the ratio would be 1. Coca-Cola, Pepsi, and Dr
Pepper maintain average proportion between the amounts of debt and equity.
However, this debt-to-equity ratio of Coca-Cola has increased consistently since 2010
(see Appendix A). The ratio doubled from 0.4678 to 1.118. This ratio increase could be
explained by accumulation of debt due to Coca-Cola’s increased investment in overseas as well
as in acquiring.
Value Chain Analysis
Human Resource Management. Coca-Cola implemented a new employee development
program called the Catalyst Program. The goal is to foster talented employees and educate them
with multiple perspectives. Ceree Eberly, Senior Vice President and Chief People Officer for
Coca-Cola, thinks “talent management” and the company’s people are the driving forces of the
company’s growth (Human Capital Media, 2013). The participants of this project are mid-level
managers from different departments and countries. They work on special group projects for
about six months that examine current problems of the company (2013). After six months, each
group gives a presentation about their recommendations in front of the senior leaders. Through
the process of exchanging opinions and diverse points of view, every participant can improve the
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ability to understand what to consider and how account for differences in finding alternatives to
solve the company’s problems.
Operations. Coca-Cola retains a broad distribution system within its operating network,
composed of bottling partners, the Coca-Cola owned bottling company called Coca-Cola
Enterprises (CCE), distributors, and retailers. The partners who are authorized for bottling and
packaging operations are called “bottlers” or “bottling partners” (Coca-Cola Company, 2013, p.
81). Especially overseas, most of the company’s beverage products are manufactured, allotted,
and sold by the bottling partners (2013). When the company sells its concentrates and syrups to
bottling partners, it requires separate contracts to ensure the bottling partners use the same
containers and distribute in designated territories. The established distribution system of CocaCola is a fundamental capacity in maintaining its global growth in more than 200 countries.
SWOT Analysis
Strength. Coca-Cola Company sponsors major events and organizations like the
Olympic Games, the FIFA World Cup, and American Idol. Coca-Cola supported the Sochi 2014
Olympic Winter Games financially and formed the Coca-Cola “Four-Pack” of athletes (The
Coca-Cola Company, 2013a). The company could add a healthier image to its brand identity and
use the media for advertising during Olympic Games.
As consumers’ awareness about recycling and healthy living styles increases, the
company’s social responsibilities become a more important aspect. Coca-Cola has increased
investment on Corporate Social Responsibility (CSR) and created various education and
activities to manage the energy sources effectively and protect the environment. Developing a
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robust water stewardship program and using PlantBottle technology are the good examples for
showing the company’s approach (The Coca-Cola Company, 2013b).
Weakness. To extend the company’s product lines, Coca-Cola has invested heavily in
acquisition of existing beverage companies in the United States and overseas. However, the
dollar amount of debt for 2013 is about one and half times more than in 2011 (see Appendix B).
Increasing the level of debt causes higher interest expenses and lower earnings per share, which
will lead to a decrease in stock value.
More than 60 percent of revenue occur from outside the United States, so uncertainty in
currency is an important factor for determining the company’s profitability. Especially, the sales
growth in China is slowing down, and the price in Europe and Asia were pulled down by a
strong dollar. Thus, the total overseas sales were lower than the company’s expectations.
Opportunity. Coca-Cola tries to expand product spectrum by focusing on not only CocaCola Coke but also new products like Minute Maid, Honest Tea, and Dasani. Also, on February
5, 2014, Coca-Cola bought about a 10 percent stake of Green Mountain Roasters, Inc. (GMCR)
and reached an agreement to launch a new cold drink together (Coca-Cola Company, 2013, p.
65). In various ways, Coca-Cola has offset decreasing sales of carbonated drinks against
increasing sales in non-carbonated drinks.
Threat. A slowdown in consumption of carbonated drinks and high competition among
major companies in a market are the greatest threats for today’s Coca-Cola. Additionally, since
consumers have criticized Coca-Cola for using artificial ingredients or overusing water in rural
areas, whether those issues are false or not, they may damage the corporate reputation. Negative
publicity in the media and online is enough to weaken customer loyalty and lower stock value.
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RBV Analysis
Coca-Cola is one of the biggest beverage companies around the world. Universal
recognition and brand loyalty are critical strengths which take long periods to attain. The
company has built strong brand power using marketing and advertisement. Images such as a
polar bear and Santa Clause first appeared on the company’s advertisement in 1930s. These
festive icons were imprinted on consumers’ minds and created unique brand image. For
competitors, it is hard to duplicate brand perception and loyalty, this can’t be accomplished in
short time period.
Strategy Identification
Coca-Cola focuses on the differentiation strategy through related diversification. The
company wants to concentrate on one market instead of investing in unrelated markets. Thus,
different product brands can share the company’s facilities and basic resources. In this way, new
products can enter the global market much faster and more cheaply. Coca-Cola could accomplish
synergy effects within an interrelated product portfolio.
Part 4 : Reconmmendations
The most important strategic issue
Today, Coca-Cola focuses not only on maintaining its current market share, but also
expanding its product spectrum and obtaining solid potential growth. This way the company can
recover the negative growth in the carbonated drink market with increasing sales of noncarbonated drinks. However, still there is a question about how Coca-Cola will stop the
accelerating declines in the carbonated drink industry.
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Three Suggestions
The first suggestion is developing non-chemical and nutritious sweeteners. Currently
Coca-Cola is using sugar and artificial sweeteners like aspartame and stevia (Edgber, 2014).
However, since health awareness has grown among consumers and the press, the sales of main
product lines such as Coke and Diet Coke, are declining since the late 2000s. Even though
buyers look for sugar-free products, their concerns about zero nutrition and other possible health
problems still have resulted in decreasing sales. For now, Coke and other carbonated drinks have
some negative publicity. However, these attentions could be turned around toward other drinks
like Minute Maid and Vitamin Water that contain relatively high calories and sugar. Minute
Maid Lemonade has 250 calories and 68g of sugar in a 20 oz bottle, and Glaceau Vitamin Water,
which is known as a healthy drink, has 130 calories and 33g of sugar in a 20 oz bottle (Men's
Health, 2014). Therefore, Coca-Cola needs to develop or find the alternative non-chemical
sweetener that contains more nutrition and less possibility of causing health problems.
A second suggestion is finding efficient ways to connect the company with technologies
in consumers’ everyday lives so that the company can be exposed frequently to consumers.
Nowadays, portable and light-weight devices like smartphones and tablets have become
increasingly common. Coca-Cola developed free game applications like Fanta Adventures and
The Crabs and Penguin. In these games, characters and stories are named with Coca-Cola’s
brands or logos to build a long-term connection with teenagers and the younger generation. Also,
Coca-Cola released an application called Coca-Cola Freestyle (Coca-Cola Freestyle, 2014). It
assists the customers in finding the nearest location of the beverage fountain within five miles
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using GPS services. All these applications have short life cycles and will be consumed for only
less than few a months.
Coca-Cola could create the application that will be sustained for longer periods by
attaching the application with vending machine. Coca-Cola in Australia has invested in phone
and wireless technology, it has recently released a smart vending machine (Tung, 2014).
Aligning with the new smart vending machine, Coca-Cola should announce an application that
records each buyers’ purchases and provides them with rewards like free drinks to motivate
consumers to buy Coca-Cola’s drinks. The application should be designed with a personal
account and a fast way to pay using barcodes. One successful example of using mobile
applications is the Starbucks App. Once consumers build personal account with Starbucks, they
can pay without their credit cards by swiping the barcode. If they use this application, they will
get Starbucks Rewards that provide free coffee for every 12 drinks. This system not only has
enough merits to use the mobile application for purchasing the product but also encourages
customers to buy more products.
An alternative way to use vending machines could be inventing a new system for the
vending machine. If Coca-Cola uses paper cup that has a barcode at the bottom instead of the
plastic bottle, customers could refill their drinks or repurchase other flavors at cheaper prices.
This system will provide more flexibility to the buyers, but at the same time, a distinctive
strategy to attract them.
A third suggestion is an acquisition. In April, 2012, Coca-Cola was interested in
acquiring Monster (Lachapelle, 2014). However, it did not happen because Coca-Cola decided
that the asking price of Monster was too expensive. Currently, Monster is valued at 11.3 billion
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dollars which is higher than its 8 billion dollars in 2012 (2014). Although the carbonated drink
sales have declined, energy drink sales in the United States have increased by 4.8 percent (2014).
Moreover, energy drinks are four to five times more expensive than the carbonated drinks
(Team, 2014). Energy drink markets have enormous potential growth, which is definitely what
Coca-Cola needs now.
Recommendation
The third suggestion is the most beneficial recommendation for Coca-Cola Today. The
first suggestion is a subsidiary strategy rather than main one for preventing additional decrease of
its sales. Also, the second suggestion is a solution for the company as a long-term strategy.
As of 2013, Coca-Cola distributes almost half of Monster Beverage’s drinks across the
United States (Jannarone, 2014). Through this distribution, Coca-Cola expects to gain about 13
percent of operating profit in North America and 3 percent in the global market in 2015 (2014).
The energy drink brands of Coca-Cola, such as Full Throttle and NOS, cannot yet establish a
solid foothold in the energy drink market. Full Throttle has only one percent and NOS has three
percent of the market share (Caffeineinformer.com, 2013). These are very low market shares
compared to Monster’s, which is 39 percent (2013). If Coca-Cola gets rid of its own energy drink
products and acquires Monster, the company will see more opportunities to succeed rapidly in
energy drink market. Moreover, Monster has just started strategy of expansion in overseas
market. This offer enormous potential growth for Coca-Cola.
If Pepsi or one of Monster’s other partner distributors would like to acquire Monster, the
synergy effect between Coca-Cola and Monster will disappear. Coca-Cola should especially
keep its eye on the moves of main competitors. Once one of its competitor acquires Monster
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first, Coca-Cola could possibly lose its brand position as the largest and the most powerful brand
in the world.
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Appendix A
Historical ratios of Debt-to-equity ratio
Date
Rates
Dec. 31, 2013
1.118
Sept. 30, 2013
1.127
June 30, 2013
1.108
March 31, 2013
1.081
Dec. 31, 2012
0.9945
Sept. 30, 2012
0.9855
June 30, 2012
1.007
March 31, 2012
0.9481
Dec. 31, 2011
0.9031
Sept. 30, 2011
0.8789
June 30, 2011
0.7451
March 31, 2011
0.808
Dec. 31, 2010
0.7553
Sept. 30, 2010
0.4799
June 30, 2010
0.4589
March 31, 2010
0.4678
Note. The data are adapted from Mergent Online
Appendix B
Cash Flows from Financing Activities (in millions)
Year Ended December 31,
2013
2012
2011
Issuances of debt
$ 43,425
$ 42,791
$ 27,495
Payments of debt
(38,714)
(38,573)
(22,530)
Issuances of stock
1,328
1,489
1,569
Purchases of stock for treasury
(4,832)
(4,559)
(4,513)
Dividends
(4,969)
(4,595)
(4,300)
Other financing activities
17
100
45
Net cash provided by (used in) financing activities $ (3,745) $ (3,347) $ (2,234)
Note. The data are adapted from Coca cola Company (2013). Form 10-K 2013. Retrieved from
http://finance.yahoo.com/q/sec?s=KO+SEC+Filings
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